FY2020 Results 10 August 2020 Andrew Harding - Managing Director & CEO George Lippiatt - CFO & Group Executive Strategy - Bell Direct

 
FY2020 Results 10 August 2020 Andrew Harding - Managing Director & CEO George Lippiatt - CFO & Group Executive Strategy - Bell Direct
10 August 2020

FY2020 Results
Andrew Harding – Managing Director & CEO
George Lippiatt – CFO & Group Executive Strategy

Locomotive artwork by Aurizon employee Laurie Anno
FY2020 Results 10 August 2020 Andrew Harding - Managing Director & CEO George Lippiatt - CFO & Group Executive Strategy - Bell Direct
FY2020 RESULTS

Disclaimer

 NO RELIANCE ON THIS DOCUMENT                                                                       NO OFFER OF SECURITIES
 This document was prepared by Aurizon Holdings Limited (ACN 146 335 622) (referred to as           Nothing in this presentation should be construed as a recommendation of or an offer to sell or
 “Aurizon” which includes its related bodies corporate (including Aurizon Operations Limited).      a solicitation of or subscription or invitation of an offer to buy or sell securities in Aurizon in
 Whilst Aurizon has endeavoured to ensure the accuracy of the information contained in this         any jurisdiction (including in the United States), nor shall it or any part of it form the basis of or
 document at the date of publication, it may contain information that has not been                  be relied on in connection with any contract or commitment whatsoever. This document is not
 independently verified. Aurizon makes no representation or warranty as to the accuracy,            a prospectus and it has not been reviewed or authorized by any regulatory authority in any
 completeness or reliability of any of the information contained in this document. Aurizon owes     jurisdiction. This document does not constitute an advertisement, invitation or document
 you no duty, whether in contract or tort or under statute or otherwise, with respect to or in      which contains an invitation to the public in any jurisdiction to enter into or offer to enter into
 connection with this document, or any part thereof, including any implied representations or       an agreement to acquire, dispose of, subscribe for or underwrite securities in Aurizon.
 otherwise that may arise from this document. Any reliance is entirely at your own risk.
                                                                                                    FORWARD-LOOKING STATEMENTS
 DOCUMENT IS A SUMMARY ONLY                                                                         This document may include forward-looking statements which are not historical facts.
 This document contains information in a summary form only and does not purport to be               Forward-looking statements are based on the current beliefs, assumptions, expectations,
 complete and is qualified in its entirety by, and should be read in conjunction with, all of the   estimates and projections of Aurizon. These statements are not guarantees or predictions of
 information which Aurizon files with the Australian Securities Exchange. Any information or        future performance, and involve both known and unknown risks, uncertainties and other
 opinions expressed in this document are subject to change without notice. Aurizon is not           factors, many of which are beyond Aurizon’s control. As a result, actual results or
 under any obligation to update or keep current the information contained within this               developments may differ materially from those expressed in the forward-looking statements
 document. Information contained in this document may have changed since its date of                contained in this document. Aurizon is not under any obligation to update these forward-
 publication.                                                                                       looking statements to reflect events or circumstances that arise after publication. Past
                                                                                                    performance is not an indication of future performance.
 NO INVESTMENT ADVICE
 This document is not intended to be, and should not be considered to be, investment advice         NO LIABILITY
 by Aurizon nor a recommendation to invest in Aurizon. The information provided in this             To the maximum extent permitted by law in each relevant jurisdiction, Aurizon and its
 document has been prepared for general informational purposes only without taking into             directors, officers, employees, agents, contractors, advisers and any other person associated
 account the recipient’s investment objectives, financial circumstances, taxation position or       with the preparation of this document, each expressly disclaims any liability, including without
 particular needs. Each recipient to whom this document is made available must make its own         limitation any liability arising from fault or negligence, for any errors or misstatements in, or
 independent assessment of Aurizon after making such investigations and taking such advice          omissions from, this document or any direct, indirect or consequential loss howsoever arising
 as it deems necessary. If the recipient is in any doubts about any of the information contained    from the use or reliance upon the whole or any part of this document or otherwise arising in
 in this document, the recipient should obtain independent professional advice.                     connection with it.

                                                                                                                                                                                                             2
FY2020 Results 10 August 2020 Andrew Harding - Managing Director & CEO George Lippiatt - CFO & Group Executive Strategy - Bell Direct
FY2020 RESULTS

Safety performance
Mixed safety performance in FY2020. Safety remains our core value and we are continuing to
invest in technology, processes and people to deliver further safety benefits

 TOTAL RECORDABLE INJURY FREQUENCY RATE (TRIFR)1                                                              RAIL PROCESS SAFETY (RPS)

                                                                                           -10%
                                                                                   11.07                                                                     5.49
                                                                                                                                                                                                        +8%
                                                                                                                                                                                        5.08

                                                                                                         Incidents per million train kilometres travelled
                                                         9.88             10.02                   9.92
   Incidents per million person-hours worked

                                                                                                                                                                      4.66                                    4.74
                                                                                                                                                                                                 4.38
                                                8.43

                                                                  7.12
                                                                                                                                                                               3.04

                                               FY2015   FY2016   FY2017   FY2018   FY2019     FY2020                                                        FY2015   FY2016   FY2017   FY2018   FY2019    FY2020

1. TRIFR includes employees and contractors
                                                                                                                                                                                                                     3
FY2020 Results 10 August 2020 Andrew Harding - Managing Director & CEO George Lippiatt - CFO & Group Executive Strategy - Bell Direct
COVID-19 Update
Andrew Harding
Managing Director & CEO
FY2020 Results 10 August 2020 Andrew Harding - Managing Director & CEO George Lippiatt - CFO & Group Executive Strategy - Bell Direct
FY2020 RESULTS   COVID-19 UPDATE

COVID-19: Aurizon Update
Measures were taken to minimise impact to employees and ensure resilience of operations

 › Crisis Management Team stood up and led by CEO
 › Increased staff awareness and education on personal hygiene and
   cleaning protocols
 › Implemented workplace protocols to assist business continuity
   including separation
 › Revised rosters, schedules and labour contingency plans
 › Transition to work from home arrangements for non-operational
   employees
 › All non-essential travel and training cancelled
 › Contingency planning to ensure continuity of procurement and
   supplier services
 › A COVID-19 leave entitlement of 10 days paid leave to support
   impacted employees
 › Coronavirus hotline (24/7) established for Aurizon employees

                                                                                          5
FY2020 Results 10 August 2020 Andrew Harding - Managing Director & CEO George Lippiatt - CFO & Group Executive Strategy - Bell Direct
FY2020 RESULTS             COVID-19 UPDATE

COVID-19: Market Update
Although volume impact was not significant in FY2020, recessionary conditions expected to
impact steel demand in FY2021

  CRUDE STEEL PRODUCTION: KEY NATIONS1
  Year-on-year change                                                                                                                        › China: Crude steel production in China maintained.
   25%                                                                                                                                         World Steel Association (WSA) projects a 1% increase4
                                                                                                                                               in China Steel demand in 2020
     0%
                                                                                                                                             › India: Crude steel production -42% in June quarter1.
  -25%                                                                                                                                         WSA projects a 18% decline4 in India steel demand
  -50%
                                                                                                                                               in 2020
                                                                                                                                             › Japan: Crude steel production -31% in the June
  -75%
                  Jan                Feb               Mar                Apr              May                Jun                              quarter1. Japan’s METI projects a 28% reduction5 in
                                         India             China             Japan
                                                                                                                                               crude steel production in September quarter
                                                                                                                                             › Quality and cost competitiveness of Australian supply
  METALLURGICAL COAL EXPORT FROM MAJOR SUPPLY NATIONS2
  Export volume, Australia share, average hard coking coal price                                                                               has limited the impact to date (2H metallurgical export
 400mt                                                                                                                        $250
                                                                                                                                               volume -9%6)

                                                                                                                              $200
                                                                                                                                             › United States metallurgical coal export volume -26%7 in
                                                                                                              July 2020
 300mt                                                                                                         average                         the six months to June
                                                                                                              spot price
                                                                                                                              $150

                                                                                                                                     USD/t
                                                                                                                  
 200mt                                                                                                                                       › Australia historically gains market share in low price
                                                                                                                              $100             environment
 100mt                       64%           68%           69%           63%          61%           63%
               59%                                                                                                            $50
                                                                                                                                             › Limited impact on thermal coal volume (Australian
    0mt                                                                                                                       $0               Export volume in 2H flat6) although risk of China import
               2013          2014          2015         2016          2017          2018          2019          2020
                                                                                                                                               restrictions in the remainder of 2020
            Other Export Nations [LHS]                   Australia [LHS]             Hard Coking Coal Price3 [RHS]
                                                                                                                                             › Small impact on some Bulk customers to date offset by
1. World Steel Association
2. Major supply nations: Australia, United States, Canada, Russia. Source: ABS 2020 (customised report), Global Trade Atlas
                                                                                                                                               strong iron ore demand
3. Peak Downs Region, Source: Platts
4. World Steel Association: worldsteel Short Range Outlook (4 June 2020)
5. Ministry of Economy, Trade and Industry (METI): Steel Demand Prospects for the Second Quarter of FY2020 (8 July 2020)
6. ABS 2020 (customised report)
7. Global Trade Atlas
                                                                                                                                                                                                          6
FY2020 Results 10 August 2020 Andrew Harding - Managing Director & CEO George Lippiatt - CFO & Group Executive Strategy - Bell Direct
Performance overview
Andrew Harding
Managing Director & CEO
FY2020 Results 10 August 2020 Andrew Harding - Managing Director & CEO George Lippiatt - CFO & Group Executive Strategy - Bell Direct
FY2020 RESULTS               PERFORMANCE OVERVIEW

FY2020 highlights1
Solid result with EBIT inline with guidance range. Ongoing shareholder distributions including
maintaining dividends at 100% for fifth year and further capital management

           GROUP EBIT                                                STATUTORY NPAT2           ROIC         FREE CASHFLOW

             $909m                                                              $605m        10.9%            $715m
                      up 10%                                                      up 28%       up 1.2ppt         down 3%

              NETWORK                                                                                          CAPITAL
                                                                         COAL VOLUMES      FINAL DIVIDEND
              VOLUMES                                                                                        MANAGEMENT

                                                                                                               $400m
          226.9mt                                                               213.9mt     13.7cps          Buy-back completed

                    down 2%                                                         -          up 10%          $300m
                                                                                                              Buy-back in FY21

1. Compared with FY2019
2. Statutory NPAT (continuing operations) includes the sale of Rail Grinding.
                                                                                                                                  8
FY2020 Results 10 August 2020 Andrew Harding - Managing Director & CEO George Lippiatt - CFO & Group Executive Strategy - Bell Direct
FY2020 RESULTS   PERFORMANCE OVERVIEW

Coal update
Priority is the continuation of operational efficiency improvements supporting contracted volume
growth. FY2021 revenue expected to be impacted by flat volumes

CUSTOMER UPDATE                                                    OPERATIONAL EFFICIENCIES

› Peabody – commenced railings in July across CQCN and NSW         › Precision – schedule adherence implemented in
  under new contracts                                                Blackwater, planned for Goonyella late CY2020

› Coronado – contract variation with additional volumes and term   › Precision – Callemondah yard (Blackwater) initiatives
  extension for Curragh mine                                         to further reduce turnaround time

› Bluescope – commenced railings in April for domestic haul to     › Payloads – 2% improvement from longer trains in
  Port Kembla                                                        NSW/SEQ

› Some volatility in customer order profile                        › Maintenance – commissioning of Jilalan wagon
                                                                     overhaul facility expected August 2020 improving
› 58% of customer volumes contracted >7 years                        overhaul cost and safety outcomes

MARKET

› June quarter strong ahead of year end

› Soft first half expected for coal export volume driven by the
  impact of COVID-19 on global steel production

› FY2021 tonnage outlook 210-220mt

› Fundamental demand drivers remain and support Australian
  Coal export growth of 1-2% pa over the next decade

                                                                                                                             9
FY2020 Results 10 August 2020 Andrew Harding - Managing Director & CEO George Lippiatt - CFO & Group Executive Strategy - Bell Direct
FY2020 RESULTS              PERFORMANCE OVERVIEW

Bulk update
Strong performance continues with new contracts and operational efficiencies. Aurizon Port
Services expands product offering in North Queensland

CUSTOMER UPDATE                                                                                                                REVENUE BY COMMODITY1
› South32 Cannington – 11 year contract extension to                                                                                     FY17                                     FY20
                                                                                                                                                                                                  1%
  2032                                                                                                                                                                                     15%
                                                                                                                                                     22%         20%
                                                                                                                                                                                                            27%
› Mineral Resources – ramp up due to strong iron ore
                                                                                                                                                2%                                   15%
  demand
                                                                                                                                                14%
› Rio Tinto – successful commencement of four year                                                                                                                                        16%             26%
                                                                                                                                                                42%
  contract for operation and maintenance of ballast
  cleaning machine in Pilbara
                                                                                                                                    Base Metals            Iron Ore    Alumina    Rail Services          Agricultural   Other
› BGC – new contract commenced June 2020 hauling
  cement products on the Kalgoorlie freighter                                                                                 NEW BUSINESS: AURIZON PORT SERVICES
                                                                                                                             › Acquisition – TBSH2 acquired for
OPERATIONAL EFFICIENCY IMPROVEMENTS                                                                                            $25m in March 2020, rebranded
                                                                                                                               as Aurizon Port Services (APS)
› IPL combination train from January 2020 – reduces train
                                                                                                                             › Rationale – complements Bulk by                   Port Services Site
  starts through consolidation of products
                                                                                                                               providing storage and stevedoring
                                                                                                                               services at Townsville Port with
› Operational synergies from full year of Linfox agreement                                                                     land and assets adjacent to
  including reduction in footprint and roster optimisation                                                                     Aurizon owned rail lines                             Aurizon Rail Lines

1. Base metals includes associated mining inputs (and rare earths). Rail services includes hook and pull contracts. Revenue is net of Access.
2. Townsville Bulk Storage and Handling
                                                                                                                                                                                                                                10
FY2020 RESULTS            PERFORMANCE OVERVIEW

Network Update
The implementation of UT5 has resulted in benefits for both customers and Aurizon. Initial
Capacity Assessment is now expected in 2HFY20211

  IMPLEMENTATION                                        › UT5 consolidated DAAU approved February 2020
  UPDATE
                                                        › RIG2 established and subsequent approval of FY2021 maintenance and renewals strategy

                                                        › FY2020 cost performance provides benefits for Aurizon and customers

  INDEPENDENT                                           › UT5 tariffs assumed 1 March 2020 Report Date (triggering WACC uplift from 5.9% to 6.3%)
  EXPERT                                                › Process slower than expected in establishing Independent Expert to undertake Initial Capacity
                                                          Assessment – now expected by the end of 2HFY20211
                                                        › Delay results in ~$8m3 future revenue adjustment (to customers) in relation to FY2020

  VOLUMES                                               FY2020:
                                                                › Under-recovery of revenue due to volume shortfall (227mt compared to UT5 assumption of
                                                                  240mt) is a future revenue adjustment amount for Aurizon
                                                                › Final amount offset by other adjustments including WACC and maintenance
                                                        FY2021:
                                                                › Volumes expected to be lower than the approved tariff forecast of 239mt due to COVID-19
                                                                  resulting in revenue under-recovery
1. Estimate as at August 2020, subject to change
2. Rail Industry Group
3. Excludes GAPE, repayable in FY2020 via revenue adjustment amounts
                                                                                                                                                            11
FY2020 RESULTS   PERFORMANCE OVERVIEW

Other matters
Progress of other major items

  SALE OF ACACIA                   › 28 July 2017: Binding agreement signed with Pacific National
  RIDGE TERMINAL                   › 6 May 2020: Federal Court unanimously dismissed an appeal by the ACCC that the sale
                                     contravened the Commonwealth's Competition and Consumer Act (2010)
                                   › 26 June 2020: ACCC sought special leave to the High Court to appeal the decision of the Full
                                     Federal Court. It is anticipated that the special leave decision will be received before the end of
                                     the calendar year

  WIGGINS ISLAND RAIL              › 27 June 2019: Supreme Court of Queensland ruled in the Group's favour in regard to payment
  PROJECT (WIRP)                     of WIRP fee. Customers appealed that decision and was heard in the Queensland Court of
                                     Appeal in March 2020. A decision of the Queensland Court of Appeal is expected to be
                                     delivered before the end of the calendar year
                                   › 4 June 2019: Expert Determination issued stating that WIRP fee should be reduced. The Group
                                     is determining options for appeal of this outcome
                                   › No revenue in respect of the WIRP fee has been recognised to date

  LEGAL PROCEEDINGS                › 17 September 2019: Aurizon commenced proceedings against G&W seeking damages and
  AGAINST G&W                        declarations for a breach of long standing contractual rights held by AZJ concerning G&W’s
                                     Australian assets (One Rail Australia)
                                   › Matter is currently before the Supreme Court of New South Wales

                                                                                                                                           12
FY2020 Financial Performance
George Lippiatt
CFO & Group Executive Strategy
FY2020 RESULTS            FINANCIAL PERFORMANCE

Key financial highlights1
EBIT performance driven by Bulk (volume growth) and Network (implementation of UT5)

$m                                                                    FY2020                  FY2019    Variance   › Revenue growth reflects the approved UT5
Revenue                                                                   3,065                2,908         5%      Undertaking in Network and new contracts
                                                                                                                     in Bulk
Operating Costs                                                        (1,597)                (1,536)      (4%)
Depreciation & Amortisation                                                (559)                (543)      (3%)    › Operating costs increased to support
                                                                                                                     revenue growth in Bulk, with flat costs in
EBIT – underlying                                                             909                829       10%       Coal and Network
EBIT – statutory                                                          1,014                  829       22%
                                                                                                                   › Statutory EBIT includes $105m net gain on
Operating Ratio (%)                                                      70.3%                 71.5%      1.2ppt     sale of Rail Grinding business
NPAT – underlying                                                             531                473       12%
                                                                                                                   › Total dividend is based on 100% payout
NPAT – statutory                                                              605                473       28%       ratio of underlying continuing NPAT
EPS (cps) – underlying                                                      27.2                23.8       14%
                                                                                                                   › Free cash flow includes proceeds from sale
EPS (cps) – statutory                                                       31.0                23.8       30%       of Rail Grinding business offset by working
ROIC (%)                                                                 10.9%                  9.7%      1.2ppt     capital movements (Cliffs termination
                                                                                                                     payment and UT5 true-up)
Total dividend per share                                                    27.4                23.8       15%
Free Cash Flow                                                                715                735       (3%)

1. Continuing operations
Note: AASB 16 was adopted on 1 July 2019 and as a result EBIT has improved $1.4m in FY2020.
                                                                                                                                                                   14
FY2020 RESULTS              FINANCIAL PERFORMANCE

Coal
EBIT result reflects costs installed for contracted volume growth

$m                                                                        FY2020                   FY2019       Variance      Revenue
Above rail                                                                    1,260                 1,236             2%       › Volumes flat – down 1% in CQCN impacted
                                                                                                                                 by customer production issues, NSW &
Track access                                                                      513                 488             5%
                                                                                                                                 SEQ up 3% with new contract tonnes
Other                                                                                  2                1            100%      › Revenue quality improvement due to a
Total Revenue                                                                 1,775                 1,725             3%         higher proportion of fixed charges and CPI
                                                                                                                                 impacts
Access costs                                                                   (507)                 (472)           (7%)
                                                                                                                              Costs
Operating costs                                                                (651)                 (643)           (1%)
                                                                                                                               › Higher costs impacted by CPI and costs to
Depreciation                                                                   (206)                 (195)           (6%)        install increased capacity
EBIT                                                                              411                 415            (1%)      › Depreciation increase following investment
Tonnes (m)                                                                    213.9                 214.3            (0%)        in capacity, technology and overhauls
                                                                                                                                 completed on rollingstock
NTKs (bn)                                                                        50.0                50.5            (1%)

COAL EBIT PERFORMANCE ($M)
                                                                                                              1
                                                                                                                                  15
                                                                                        23
              415                                                                                                                                   11
                                                     2                                                                                                                411

          FY2019                               Volume                    Net Revenue Quality1                Other          Operating Costs1    Depreciation        FY2020
1. Revenue quality is net of fuel price and access which have been excluded from operating costs
                                                                                                                                                                              15
FY2020 RESULTS              FINANCIAL PERFORMANCE

Bulk
Revenue growth driving strong EBIT performance

$m                                                                        FY2020                   FY2019      Variance        Revenue
Revenue                                                                           609                   502       21%          › Revenue higher through new contract growth
                                                                                                                                 and improved revenue quality
Access costs                                                                    (111)                (104)        (7%)
                                                                                                                               Costs
Operating costs                                                                (388)                 (333)       (17%)
                                                                                                                               › Higher operating costs from new contracts
Impairment costs                                                                        -               (11)     100%            offset in part by operational efficiencies
Depreciation                                                                      (20)                  (17)     (18%)         › Other – sustaining capex for Bulk East no
EBIT                                                                                 90                  37      143%            longer impaired from FY2020 given earnings
                                                                                                                                 outlook
Tonnes (m)                                                                       48.1                   44.6        8%

BULK EBIT PERFORMANCE ($M)

                                                                                                   23
                                                                                                                          62
                                                                                                                                                                     90
                                                             84                                                                                 8

                  37

             FY2019                                      Volume                             Revenue Quality1     Operating Costs1             Other                FY2020
1. Revenue quality is net of fuel price and access which have been excluded from operating costs
                                                                                                                                                                              16
FY2020 RESULTS   FINANCIAL PERFORMANCE

Network
EBIT growth from UT5 finalisation with operating costs under the regulatory allowance

$m                                        FY2020          FY2019       Variance        Revenue
Track Access                                  1,132            1,070        6%         › Increase in track access revenue principally
                                                                                         as a result of the increased UT5 MAR with
Services & Other                                57               48       19%
                                                                                         volumes 2% lower
Revenue                                       1,189            1,118        6%
                                                                                       › Other revenue growth from higher external
Energy & Fuel                                 (109)            (109)           -         construction works
Other Operating Costs                         (282)            (288)        2%         Costs
Depreciation                                  (329)            (321)      (2%)         › Improvement in other operating costs from
                                                                                         lower services spend, overhead savings and
EBIT                                           469              400        17%           lower employee costs
Tonnes (m)                                    226.9            232.7      (2%)         › Depreciation driven by increased levels of
NTKs (bn)                                      56.2             57.9      (3%)           asset renewals and ballast undercutting

NETWORK EBIT PERFORMANCE ($M)

                                                                                   7                     8                   469
                                                           9

                                    61
          400

        FY2019               Access Revenue           Other Revenue       Operating Costs           Depreciation           FY2020

                                                                                                                                        17
FY2020 RESULTS   FINANCIAL PERFORMANCE

Cashflow and shareholder returns
Consistent free cash flow generation has delivered $3.5bn in shareholder distributions over the
past five years including $1bn in buy-backs, with dividends maintained at 100% of NPAT

  FREE CASH FLOW ($M)                                              SHAREHOLDER RETURNS ($M)

                                                735                                                                914
                       704                                 715
                                    669                            830
                                                                                          762
                                                                                                                   400
                                                                   301
                                                                                          300
                                                                             552
                                                                                                      488
          340

                                                                   529                                             514
                                                                                          462

        FY2016      FY2017        FY2018       FY2019    FY2020   FY2016   FY2017       FY2018       FY2019       FY2020

                       Continuing Operations      Total Group                      Buy-back      Dividends paid

                                                                                                                           18
FY2020 RESULTS               FINANCIAL PERFORMANCE

Capital expenditure
FY2020 spend inline with guidance of $500-530m. Growth capex to support Bulk and Coal in
FY2021

 CAPITAL EXPENDITURE1 ($M)
                                                                                                                           › Capital expenditure guidance for
         532                                                                                  527               ~500-550     FY2021 $500m - $550m
                                      490                         495
                                                                                                                           › FY2021 Growth capex mainly relates
                                                                                                                             to wagons for CQCN and locomotives
                                                                                                                             for Bulk

                                                                                                                           › Long-term stay-in-business capital
                                                                                                                             expectations of ~$500m per year
         465
                                                                                              490
                                     443                          451                                                           FY20: CAPITAL EXPENDITURE1 ($M)
                                                                                                                                                     297
                                                                                                                                        230

                                                                                                                                                     271
                                                                                                                                        219

                                                                                                                                        11            26
                                                                                                                                        1H            2H
          67                           47                                                                                              Non Growth   Growth
                                                                   44                          37
        FY17                        FY18                        FY19                        FY20                 FY21F

                                               Non Growth                    Growth

1. Total FY2020 Group capital expenditure net of externally funded projects and includes capitalised interest
                                                                                                                                                                  19
FY2020 RESULTS               FINANCIAL PERFORMANCE

Funding update
Recent Network bank debt re-financing allows for upcoming bond maturity, providing options for
future funding requirements

      FY2020 FUNDING ACTIVITY                                       KEY DEBT METRICS                                       FY2020                       FY2019

      › Network replaced $880m syndicated facilities with
                                                                    Weighted average maturity1                            3.8 years                     4.3 years
        bilateral facilities totalling $1.3bn (3/4/5 year tenors)

      › Additional capacity secured ahead of A$MTN maturity         Group interest cost on
                                                                                                                              4.5%                       4.5%
                                                                    drawn debt
      INTEREST RATES                                                Group Gearing2                                           45.1%                       41.7%
      › Group debt is 95% fixed until end of FY2021 aligned         Network Gearing3
        with original UT5 Final Decision                            (incl AFDs4)
                                                                                                                             56.0%                       58.7%
                                                                    Operations & Network
      › Extension of WACC re-set to FY2023 provided                                                                     BBB+/Baa1                   BBB+/Baa1
                                                                    Credit Ratings (S&P/Moody’s)
        opportunity for additional hedging (91%) resulting in
        lower interest costs
                                                                                                 DEBT MATURITY PROFILE ($M)
      › Future debt levels will determine additional hedging
                                                                                                                    160
        requirements
                                                                                                                    300
                                                                                                                                   150
                                                                                                          430
                                                                                                                    290

                                                                                                                                   711           776
                                                                           525                            420       425                                       82

                                                                          FY21            FY22           FY23      FY24           FY25           FY26       FY30

                                                                                   Operations: Undrawn Bank Debt   Operations: Drawn Bank Debt     Network: EMTN
                                                                                   Network: Undrawn Bank Debt      Network: Drawn Bank Debt        Network: AMTN

1. Calculated on drawn debt, excluding working capital facility
2. Group Gearing – net debt/net debt plus equity
3. Network Gearing - net debt/RAB
4. Access Facilitation Deed
                                                                                                                                                                    20
Outlook & Key Takeaways
Andrew Harding
Managing Director & CEO
FY2020 RESULTS            OUTLOOK & KEY TAKEAWAYS

FY2021 outlook
Group EBIT guidance $830m – $880m

 KEY ASSUMPTIONS

 › Coal
              ‒ Flat volumes of 210-220mt based on current view of COVID-19 impact on coal demand

 › Network
              ‒ Tariffs based on QCA approved volume forecast of 239mt – 5% higher than FY2020 actual volumes
              ‒ CQCN volumes expected to be lower than 239mt due to COVID-19's impact on coal demand, resulting in
                revenue under-recovery
              ‒ Flat volumes implies a revenue under-recovery of ~$50m1 – any shortfall will form part of the revenue cap in
                FY2023 partly offset by other adjustments including WACC

 › Operational efficiency improvements remain a key driver in the business

 › Redundancy costs included in guidance (reported in 'Other' segment)

 › No material disruptions to commodity supply chains (such as adverse weather and/or COVID-19)

1. Based on 227mt applied to $941m MAR (excluding GAPE), see slide 72
                                                                                                                               22
FY2020 RESULTS     OUTLOOK & KEY TAKEAWAYS

Strategy delivers results
Aurizon’s strategy enables the delivery of shareholder value

                                                         Achieve
                                  Execute                                                             Ongoing               De-risk near
                                                      fundamental            Optimal legal                                                          Pursue
          Business                 Freight                                                           operational            term Above
                                                        regulatory            and capital                                                          growth in
          Structure               Review                                                              efficiency            Rail contract
                                                          reform               structure                                                             Bulk
                                  findings                                                          improvement                 book
                                                      through UT5

         Restructured to                                                                                                                        New opportunities
                             Closure & divestment      Customer deal                             Precision Railroading,
         Business Model                                                        More efficient                             Continued contract    including adjacent
                                 of Intermodal.      provides long term                              TrainHealth,
           increasing                                                       balance sheet and                             book extension for   assets and solutions
                                Retention and       certainty, incentives                             TrainGuard,
        accountability and                                                   funding structure                            both Coal and Bulk   such as Aurizon Port
                              turnaround of Bulk    and improved return                          Condition monitoring
         customer focus                                                                                                                              Services

                                                          Delivered through an integrated structure

                                                       Maximising shareholder returns
                                                   Maintained 100% payout ratio for five years
                                         Capital management opportunities where surplus capital available

                                                                                                                              Completed           Continued Focus

                                                                                                                                                                      23
Contact and further information
Chris Vagg                                     James Coe
Head of Investor Relations & Group Treasurer   Manager Market Intelligence & Investor Relations
+61 7 3019 9030                                +61 7 3019 7526
Chris.Vagg@aurizon.com.au                      James.Coe@aurizon.com.au

ASX: AZJ
US OTC: AZNNY
Additional Information: ESG
FY2020 RESULTS             ADDITIONAL INFORMATION

Sustainability
FY2020 will be the fourth year of TCFD disclosure for Aurizon

› Aurizon takes a direct approach to reporting environmental,
  social and governance (ESG) disclosures with the publication of
  the annual Sustainability Report

› In August 2019, Australian Council of Superannuation Investors
  (ACSI) rated Aurizon’s ESG disclosures as Leading for the fifth
  consecutive year1

› As at June 2020, Aurizon participates in FTSE4Good Index
  Series, MSCI ESG Ratings and Sustainalytics

› Aurizon’s FY2020 Sustainability Report will be released in
  October 2020

   We report against the Task              ESG rating of AA                                    ESG rating of “Medium Risk”
    Force on Climate-related               as at March 2020              Aurizon Holdings           as at April 2020
     Financial Disclosures                                             remains a member of
   (TCFD) as recommended                                              the FTSE4Good Index
    by the Financial Stability                                       following the June 2020
          Board (FSB)                                                      index review

1. Australian Council of Superannuation Investor (ACSI), ESG Reporting by the ASX200
                                                                                                                             26
FY2020 RESULTS               ADDITIONAL INFORMATION

Environment
Aurizon continues to focus on cutting diesel and greenhouse gas emissions as part of our efforts
to maintain Australia’s excellent air quality standards and manage our carbon footprint

              AURIZON’S GREENHOUSE GAS PROFILE                                                                                                                       AURIZON’S LOCOMOTIVE EMISSIONS INTENSITY
                                                                                                                                                                                  PERFORMANCE
                                                                                                                                                                                                    -20%
                                                                                                                                                              10.0
                                            10%

                                                                                                                                                               9.0

                                                                                                                                                               8.0
                                               FY2018

                                                                                                                        kgCO2-e/’000 Gross Tonne Kilometres
                                 35%                                  55%           Total Scope 1 and 2                                                        7.0
                                                                                    946kt CO2e

                                                                                    Total Scope 3                                                              6.0
                                                                                    108kt CO2e

                                                                                                                                                               5.0

                                            10%
                                                                                                                                                               4.0

                                                                                                                                                               3.0
    Scope 1
                                               FY2019                 51%
    Scope 2                                                                                                                                                    2.0
    Scope 3                       39%                                               Total Scope 1 and 2
                                                                                    848kt CO2e
    Diesel Locomotives                                                                                                                                         1.0
                                                                                    Total Scope 3
    Other (Scope 1)
                                                                                    97kt CO2e
    Electric Locomotives                                                                                                                                       0.0
    Facilities (Electricity Purchased)                                                                                                                               FY10   FY11   FY12   FY13   FY14   FY15   FY16        FY17       FY18        FY19
    Fuel and Energy-related Activities
    Other (Scope 3)                                                                                                     FY2020 emissions data will be released with the Sustainability Report in October
Note: Aurizon’s Scope 1 and 2 emissions are reported in accordance with the National Greenhouse and Energy Reporting legislation. Aurizon’s identification of relevant Scope 3 emissions activity sources is informed by the GHG Protocol Corporate Value
Chain (Scope 3) Standard and includes: purchased goods and services (paper purchased and water consumption), capital goods, fuel and energy-related activities (including consumption and upstream transportation and distribution), waste generated in
operations, business travel (air and ground-based travel and accommodation), employee commuting, and upstream leased assets. The reporting boundary for Scope 3 emissions data for the FY2019 period includes the categories listed above and has received
limited assurance from Deloitte, with remaining activity sources excluded due to current data availability. Scope 3 emissions from employee commuting, which represent ~4% of the total reported Scope 3 emissions, have been excluded from the limited
assurance over this dataset, however will be considered for inclusion in future reporting period once the methodology for calculation has been strengthened/formalised. A breakdown of Aurizon’s emissions is provided in the 2019 Sustainability Report.
                                                                                                                                                                                                                                                             27
FY2020 RESULTS               ADDITIONAL INFORMATION

Australian Export Coal Demand
The fundamentals of Australian metallurgical and thermal coal remain strong, driven by steel and
energy demand in Asia, supporting coal export growth of 1-2%pa over the next decade

 METALLURGICAL COAL                                                                                                                              THERMAL COAL
 › Metallurgical coal (or coking coal) is primarily used to                                                                                      › Thermal coal is primarily used as a heat source for energy
   produce steel, an integral link with economic                                                                                                   generation, holding a 38% share of global generation in
   development                                                                                                                                     20186. Thermal coal is also used as a source of energy in
                                                                                                                                                   cement production, where around 200 kilograms of coal is
 › Crude steel production occurs primarily via the blast
                                                                                                                                                   required to produce one tonne of cement7.
   furnace-basic oxygen furnace (BF-BOF) route, which
   accounted for 1.3 billion tonnes of crude steel production                                                                                    › Almost all Australian thermal coal export volume is
   (72% of total global crude steel production) in 20191                                                                                           destined for Asia (FY2020: 99%)3
 › India achieved another record result in 2019 with crude                                                                                       › For Southeast Asia (ex-Indonesia), over 10GW of coal-
   steel production of 111 million tonnes2 and is the second                                                                                       fired capacity has come online since 2017 with a further
   largest export market for Australian metallurgical coal                                                                                         13GW considered under construction8
   (behind China)3                                                                                                                               › The International Energy Agency (IEA) projects a 123%
 › The Office of Chief Economist projects crude steel                                                                                              growth in coal-fired energy generation in Southeast Asia
   production growth in India of 5.4% per annum                                                                                                    between 2018 and 20409
   (from 2019), reaching 153mt in 20254                                                                                                          › Vietnam is now Australia's fifth largest thermal coal trading
 › India coking coal import dependence was 90% for                                                                                                 partner (by volume) with record export volume of
   FY20195                                                                                                                                         12.8 million tonnes in FY20203
                                                                                                                                                 › Record annual Australian thermal coal export volume in
                                                                                                                                                   FY2020 (213 million tonnes)3
1. World Steel Association, World Steel in Figures 2020
2. World Steel Association, Statistics
3. Australian Bureau of Statistics 2020 (Customised report)
4. Office of Chief Economist, Resources and Energy Quarterly (March 2020)
5. India Ministry of Coal, Provisional Coal Statistics (2018-19). India financial year (April to March). Domestic washed coal (only) included in calculation
6. International Energy Agency, World Energy Outlook (2019)
7. World Coal Association, Basic Coal Facts
8. Platts UDI Electric Power Plants Database (March 2020). Indonesia excluded given domestic coal availability
9. International Energy Agency, World Energy Outlook 2019
                                                                                                                                                                                                                   28
FY2020 RESULTS                ADDITIONAL INFORMATION

Australian Coal Summary

    FY2019 Production                    FY2019 Domestic Use                         FY2019 Export                    FY2020 All Coal Export (By Destination)                                FY2020 All Coal Export (By Port)
                                                                                                                         106mt    101mt                                    ∑ 389mt               164mt                                          *Port Kembla to
                                                                                                                                                                                                                                                 April 2020 only

     460mt                                    67mt                                 394mt                                                   48mt
                                                                                                                                                                                                            111mt

                                                                                                                                                                                                                       72mt
                                                                                                                          27%      26%             43mt
                                                                                                                                                            33mt    35mt
                                                                                                                                                                             21mt                                                    32mt
                                                                                                                                           12%      11%
          State Split                            State Split                            State Split                                                          8%      9%                                                                        7mt       6mt
                                                                                                                                                                              6%
                                                                                                                         Japan    China   South    India   Taiwan Rest of Rest of              Newcastle    Hay      Gladstone Abbot         Brisbane     Port
               7mt                                                                                                                        Korea                    Asia   World                             Point              Point                    Kembla*
                                                     7mt

      197mt                                                                         168mt
                                                                  30mt
                      257mt                                                                         226mt
                                              29mt                                                                     FY2020 Met. Coal Export (By Destination)                              FY2020 Thermal Coal Export (By Destination)
                                                                                                                          50mt                                                                   74mt

                                                                                                                                  39mt
         QLD            Other                                                                                                                                                                              52mt
                                                QLD               Other                 QLD           NSW                                  32mt
         NSW
                                                NSW
                                                                                                                          28%                                                                    35%                32mt
                                                                                                                                                   16mt                      19mt
                                                                                                                                   22%                                                                     24%                23mt
          Coal Type                              Coal Type                              Coal Type                                          18%              10mt    10mt                                                               13mt     16mt
                                                                                                                                                                              11%                                   15%
                                                                                                                                                    9%                                                                        11%                         3mt
                                                                                                                                                             6%      5%                                                                 6%       8%
                                                                                                                                                                                                                                                          1%
                                                            5mt                                                          China    India   Japan    South Taiwan Rest of Rest of
                                                           (8%)                                                                                                                                 Japan    China      South Taiwan Vietnam Rest of Rest of
                                                                                                                                                   Korea         Asia   World                                       Korea                 Asia   World
                     189mt                                                                          184mt
                     (41%)                                                          210mt
      271mt                                                                                         (47%)
                                                                                    (53%)
      (59%)
                                                   61mt                                                                    Direct                  Aust. Electricity          Export Revenue                QLD Royalties                    NSW Royalties
                                                  (92%)
                                                                                                                         Employment               Generation Share               (FY2020)                     (FY2019)                         (FY2019)
              Metallurgical                          Metallurgical                          Metallurgical
              Thermal                                Thermal                                Thermal                        38k                        47%                        $56b                        $4.4b                            $2.0b

Note: Due to different sources and rounding, the sum of individual elements may not equal the corresponding aggregate figure. Sources – FY2019 Production: Volume (saleable coal), state split and coal type sourced from Office of Chief Economist (OCE)
Resources and Energy Quarterly June 2020. FY2019 Domestic Use: National consumption calculated using production (OCE) less exports (OCE). State consumption calculated using state production (OCE) less state export volume (Port/Terminal Reporting).
FY2019 Export: National export volume and coal type sourced from OCE. Export state split sourced from port/terminal reporting. FY2020 All Coal Export (By Destination): Includes anthracite volume, sourced from Australian Bureau of Statistics 2020
(customised report). FY2020 All Coal Export (By Port): Sourced from respective port/terminal reporting. Hay Point includes both Hay Point Coal Terminal and Dalrymple Bay Coal Terminal. FY2020 Metallurgical/Thermal Export (By Destination): Sourced from
ABS. Employment: ABS Labour Account Australia, year ended 30 June 2019. Australian Electricity Generation Share: Data for FY2018 (GWh, black coal only), sourced from Department of the Environment & Energy, Australian Energy Update 2019. Export
Revenue: Sourced from ABS. QLD Royalties: Sourced from QLD Treasury Mid-Year Fiscal & Economic Review 2019-20. NSW Royalties: Sourced from NSW Department of Planning & Environment.
                                                                                                                                                                                                                                                                   29
FY2020 RESULTS              ADDITIONAL INFORMATION

Global Metallurgical (Coking) Coal Landscape
Almost 30% of global metallurgical coal demand is met through seaborne trade with Australia
commanding around 60% of this market
2018, million tonnes
                                                                                                                                                                                   Import Market: Split
                         1,033mt                                                           697mt

                                                                                           107mt                                                                                                               China
                          237mt                                                                                                                                   26%                22%                       India
                                                                                            67mt
                                                                                                                                                                                                               Japan
                                                                                                                                                                                                               South Korea
                           93mt                                                                                                                                6%                        17%                   South East Asia
                                                                                                                                                               2%
                                                                                                                                                                 12%                                           Rest of Asia
                                                                                                                                                                               16%                             Rest of World
                          179mt                                                            523mt

                                                                                                                                                            33mt                                                           304mt
                          524mt                                                                                                                                                                                            125mt
                                                                                                                                                                                                                                                          29% of
                                                                                                                                                                                                                                                          Global
                                                                                                                                                                                                                                                          Production
                                                                                                                                                                                                                           179mt

                       Production                                       Consumption Within Country                                               Landborne Export                                                 Seaborne Export

                                                                                 Rest of World                   Russia               Australia                China

 Source: International Energy Agency (IEA) Coal Information 2019 (Report), Coal Information 2020 (data). Production includes both primary extraction in addition to recovered product from slurries, middlings and coal dust. Consumption Within Country is defined
 as production less exports. Landborne is defined as total trade (exports) less seaborne exports. No energy-adjustment applied.
                                                                                                                                                                                                                                                                       30
FY2020 RESULTS             ADDITIONAL INFORMATION

Future of Coal | Metallurgical Coal
Driven by urbanisation and infrastructure development, the opportunity remains for India and
South East Asian nations to increase steel usage
INDIA: CRUDE STEEL PRODUCTION AND COKING (METALLURGICAL)                                                                        APPARENT STEEL USE (CRUDE STEEL EQUIVALENT) PER CAPITA
COAL REQUIREMENTS1                                                                                                              VS. GDP PER CAPITA BY KEY COUNTRIES2

                                                                                                                                  Apparent Steel Use per Capita (kg)
  125mt                                                                                                       60mt                                                     1,200
                                                                                                                                                                                                                                          South Korea
                                                                                                              50mt                                                     1,000
  100mt
                                                                                                              40mt                                                      800        population

    75mt                                                                                                      30mt                                                      600                                  China                     Japan
                                                                                                                                                                                                                                                         Germany
                                                                                                              20mt                                                      400
    50mt
                                                                                                              10mt                                                      200
                                                                                                                                                                                                         ASEAN Member States (Selected)      Australia     United States
                                                                                                                                                                                       India
    25mt                                                                                                      0mt                                                         0
              FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19                                                                                                           0          10,000           20,000     30,000     40,000      50,000       60,000     70,000
                   Crude Steel Production [LHS]                      Coking Coal Imports [RHS]
                                                                                                                                                                                                                GDP per capita (PPP dollars)

ASIA: PROPORTION OF GLOBAL METALLURGICAL COAL IMPORT                                                                            AGGREGATE METALLURGICAL COAL TRADE BALANCE BY MAJOR
VOLUME3                                                                                                                         COUNTRIES (2020-2040)4
     80%                                                                                                                                                           4,399mt

                                                                                                            74%
     70%
                                                                                                                                                                               1,174mt                                                                                 Net
                                                                                                                                                                                                850mt      615mt                                                       Exports
                                                                                                                                                                                                                     508mt
     60%
              55%
                                                                                                                                                                                                                               716mt                                   Net
                                                                                                                                                                                                                                       1,071mt                         Imports
     50%                                                                                                                                                                                                                                         1,684mt
                                                                                                                                                                                                                                                           1,965mt
           1990             1995            2000            2005            2010             2015
                                                                                                                                                              Australia Russia                  United     Canada Mongolia South       Japan      China     India
                                                                                                                                                                                                States                     Korea
1. India Ministry of Coal, Coal Directory of India (multiple years), Provisional Coal Statistics (2018-19). Note: India financial year (April to March).
2. GDP (Purchasing Power Parity; international dollars) – World Bank (2018 data), Population - World Bank (2018 data), Apparent Steel Usage & Apparent Steel Use per Capita – World Steel Association (2018 data). ASEAN Member States (Selected, based
   on data availability): Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam.
3. International Energy Agency, Coal Information 2020.
4. Wood Mackenzie Global Coal Markets Tool (2020 1H).
                                                                                                                                                                                                                                                                              31
FY2020 RESULTS            ADDITIONAL INFORMATION

Metallurgical Coal Market | Australia
Driven by quality, cost-competitiveness and proximity to Asian markets, Australia holds a unique
position in the seaborne market. A further 25 billion tonnes1 of resources can be drawn upon
AUSTRALIA: METALLURGICAL COAL EXPORT VOLUME AND PRICE2                                                                                               METALLURGICAL COAL CASH COSTS (US$/t, CFR INDIA, 2020)3
 250mt                                                                                                     $300                                       $200

                                                                                                                    Hard Coking Coal Price (USD/t)
 200mt
                                                                                                                                                      $160
                                                                                                           $200
 150mt
                                                                                                                                                      $120
                                                                                                                                                                                                                                                           $186
 100mt
                                                                                                           $100
                                                                                                                                                        $80                                                                               $115
   50mt                                                                                                                                                                                                                  $102
                                                                                                                                                                                   $74                 $83
    0mt                                                                                                    $0                                           $40
             FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20                                                                                                                    Russia            Australia        Canada          United States    Mozambique

                    Export Volume [LHS]            Hard Coking Coal (Average Spot Price) [RHS]

AUSTRALIA: FY2020 METALLURGICAL COAL EXPORT                                                                                                          METALLURGICAL COAL QUALITY5
(BY DESTINATION)4
                                                                                                                                                                            100
                                                                                                                                                                                       Increasing
               50mt
                                                                                                                                                                                       quality

                                                                                                                                                      Coal Strength (CSR)
                                                                                                                                                      Typical Hard Coking
                                                                                                                                                                                                                                                           Export volume
                            39mt                                                                                                                                            80
                                         32mt                                                                                                                                                                                             Australia

               28%                                                                                                                                                          60                                                  Mozambique
                                                       16mt                                   19mt                                                                                                                                               United States
                             22%                                                                                                                                                                                Canada
                                          18%                       10mt         10mt
                                                        9%                                     11%                                                                          40                Russia
                                                                     6%           5%

              China         India        Japan        South        Taiwan       Rest of      Rest of                                                                              35                30              25               20               15               10
                                                      Korea                      Asia        World
                                                                                                                                                                                                             Average Coal Volatile Matter (VM)
1. Measured and indicated resources as at September 2018, raw coal in situ basis (Coking and PCI) for Queensland (only), Queensland Coal Inventory Report (December 2018).
2. Export Volume – Australian Bureau of Statistics (Customised Report). Hard Coking Coal Price – Platts (Peak Downs Region product).
3. Wood Mackenzie Coal Cost Curves (Data: May 2020, Reference Year: 2020), Wood Mackenzie Global Coal Markets Tool (Data: 2020 1H, Reference Year: 2020), Sea freight export terminal assumptions: US – East Coast, Canada – West Coast, Australia –
   Hay Point (Metallurgical), Russia - East.
4. Australian Bureau of Statistics 2020 (Customised Report)
5. Wood Mackenzie Global Coal Markets Tool (2020 1H), Wood Mackenzie Coal Cost Curves (Data May 2020, Reference Year: 2020), AME Research.
                                                                                                                                                                                                                                                                            32
FY2020 RESULTS               ADDITIONAL INFORMATION

Global Thermal (Steam) Coal Landscape
Over 80% of global thermal coal demand is produced and consumed within country. Australia
holds around 20% of the seaborne market that is dominated by Asian demand
2018, million tonnes

                        5,977mt                                                          4,909mt                                                                                     Import Market: Split

                                                                                          700mt                                                                                                                  China
                                                                                                                                                                       19%              21%                      India
                        1,712mt                                                           513mt                                                                                                                  Japan
                                                                                                                                                                 12%                                             South Korea
                                                                                          675mt                                                                                              17%                 South East Asia
                                                                                                                                                                    10%                                          Rest of Asia
                          562mt
                                                                                                                                                                            9%       12%
                                                                                                                                                                                                                 Rest of World
                          676mt

                                                                                         3,021mt

                        3,026mt

                                                                                                                                                           162mt                                                           906mt
                                                                                                                                                                                                                                                        15% of
                                                                                                                                                                                                                           703mt                        Global
                                                                                                                                                                                                                                                        Production
                                                                                                                                                                                                                           203mt
                      Production                                        Consumption Within Country                                               Landborne Export                                                  Seaborne Export

                                                             Rest of World                   United States                    India            China               Australia

 Source: International Energy Agency (IEA) Coal Information 2019 (Report), Coal Information 2020 (data). Steam Coal includes all anthracite and bituminous coals not considered coking coal and also includes sub-bituminous coal. Production includes both
 primary extraction in addition to recovered product from slurries, middlings and coal dust. Consumption Within Country is defined as production less exports. Landborne is defined as total trade (exports) less seaborne exports. No energy-adjustment applied
                                                                                                                                                                                                                                                                     33
FY2020 RESULTS             ADDITIONAL INFORMATION

Future of Coal | Thermal Coal
99% of Australian exports are destined for Asia. It is this region (rather than global consumption)
that is projected to use coal-fired generation assets for a prolonged period
PER CAPITA ELECTRICITY CONSUMPTION VS. GDP PER CAPITA BY                                                                      IEA WORLD ENERGY OUTLOOK (STATED POLICIES SCENARIO) FOR
KEY COUNTRIES1                                                                                                                ELECTRICITY GENERATION IN SOUTH-EAST ASIA, BY SOURCE
                                                                                                                              (TWh)2
15,000kWh                                                                                                                                                                                                                           2,346
                                                                                                                                                                                                                  2,009
                    population                           South Korea             Australia United States                                                                                        1,694
10,000kWh
                                                                                                                                                                              1,400
                                                                             Japan
                                                                                               Germany                                                     1,045
 5,000kWh                         China                                                                                                   683
                                                                                                                                                                                                                                                     +123%

                       India         ASEAN Member States
       0kWh
                0          10,000        20,000        30,000         40,000        50,000        60,000        70,000                   2010               2018              2025f             2030f             2035f             2040f

                                                GDP per capita (PPP dollars)                                                                Nuclear           Oil         Non-Hydro Renewables                    Hydro           Gas           Coal

ASIA: PROPORTION OF GLOBAL THERMAL COAL IMPORT VOLUME3                                                                           AVERAGE AGE OF COAL-FIRED ELECTRICITY CAPACITY4

        90%
                                                                                                                                                                              Expected Retirement Age
        80%                                                                                                           81%                                                           35-45 years

        70%
                                                                                                                                                                                            24 years
        60%                                                                                                                                                                                                                                 21 years
                                                                                                                                                                                                                    16 years
        50%                                                                                                                                 13 years                13 years
                    35%
        40%

        30%
               1990              1995             2000             2005             2010              2015                                    China                   India                  Japan               South Korea                 Taiwan

                                                                                                                                                    Top Five Global Thermal (Steam) Coal Import Nations (By Volume, In Descending Order)

1. GDP (Purchasing Power Parity; international dollars) – World Bank (2017 data), Population - World Bank (2017 data), Electricity Consumption (KWh) – International Energy Agency (2017 electricity consumption per capita data). ASEAN Member States:
   Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam.
2. International Energy Agency, World Energy Outlook 2019
3. International Energy Agency, Coal Information 2020
4. UDI Electric Power Plants Database (March 2020), capacity weighted.
                                                                                                                                                                                                                                                             34
FY2020 RESULTS             ADDITIONAL INFORMATION

Thermal Coal Market | Australia
Australia’s thermal coal competitiveness is driven by coal quality characteristics and geographic
proximity to Asia
AUSTRALIA: THERMAL COAL EXPORT VOLUME AND PRICE1                                                                                                    THERMAL COAL CASH COSTS (US$/t, CFR JAPAN, 2020)2
 250mt                                                                                                        $150                                                 $70

                                                                                                                       Thermal Coal Price (USD/t)
 200mt
                                                                                                              $100                                                 $60
 150mt

 100mt                                                                                                                                                                                                                                     $64                 $66
                                                                                                              $50                                                  $50                                                 $58
                                                                                                                                                                               $55                 $57
  50mt

    0mt                                                                                                       $0                                                   $40
             FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20                                                                                                               Australia        South Africa           Russia            Colombia            Indonesia
                         Export Volume [LHS]             Thermal Coal (Average Spot Price) [RHS]                                                                         Note: Thermal Cash Costs (FOB) are energy-adjusted to 6,300 kcal/kg (Gross As Received)

AUSTRALIA: FY2020 THERMAL COAL EXPORT (BY DESTINATION)3                                                                                             THERMAL COAL QUALITY4
               74mt                                                                                                                                                0%
                                                                                                                                                                           Increasing
                                                                                                                                                                           quality
                                                                                                                                                                                                               Indonesia
                             52mt                                                                                                                                  10%

                                                                                                                                                     Ash Content
                                                                                                                                                                                                                           South Africa                   Australia
                                                                                                                                                                   20%
               35%                        32mt
                                                                                                                                                                                                           China (Domestic)
                             24%                        23mt
                                                                                    16mt                                                                           30%
                                           15%                        13mt
                                                         11%                                      3mt
                                                                       6%            8%
                                                                                                                                                                   40%             India (Domestic)                                                     Export volume
                                                                                                  1%
              Japan         China         South        Taiwan       Vietnam       Rest of       Rest of
                                                                                                                                                                     4,000               4,500            5,000               5,500              6,000               6,500
                                          Korea                                    Asia         World
                                                                                                                                                                                                 Energy (kcal/kg, Gross As Received)

Notes/Sources: 1 & 3 .Export Volume (and country split) - Australian Bureau of Statistics 2020 (Customised Report). Thermal Coal Price - Intercontinental Exchange (Newcastle 6,300 kcal/kg Gross As Received product). Rest of Asia: India & ASEAN Member
States (excl. Vietnam – shown separately) 2. Wood Mackenzie Coal Cost Curves (Data: May 2020, Reference Year: 2020), Wood Mackenzie Global Coal Markets Tool (Data: 2020 1H, Reference Year: 2020), Sea freight export terminal assumptions: Australia
– Newcastle (Thermal), Russia - East. 4. Wood Mackenzie Coal Cost Curves (Data: May 2020, Reference Year: 2020), Wood Mackenzie Coal Supply Data Tool (Q2 2020, Reference Year: 2020), India Ministry of Coal Provisional Coal Statistics 2018-19, IEA
Coal Medium-Term Market Report 2016, Argus - Argus Coal Daily International, Methodology and Specification Guide (April 2020).
                                                                                                                                                                                                                                                                             35
Additional Information: Group
FY2020 RESULTS   ADDITIONAL INFORMATION

Aurizon’s rail haulage operations

                                          KEY OPERATIONAL
                                          STATISTICS
                                          COMMODITIES
                                          Coal and bulk freight
                                          ROLLINGSTOCK
                                          ~500 active locomotives
                                          OPERATIONAL FOOTPRINT
                                          ~40 operational sites
                                          PEOPLE
                                          More than 4,600 full-time employees
                                          WAGONS
                                          11,000+ active wagons

                                                                                37
FY2020 RESULTS   ADDITIONAL INFORMATION

Aurizon’s vision, purpose, values and strategic levers
Execution against the three strategic levers is aimed at driving differentiation, competitive
advantage and sustainable performance

                              VISION           PURPOSE
                                                                           STRATEGIC LEVERS

                                                                                 Accelerate cost
                                                                                 competitiveness of
                         The first choice   Growing regional                     Aurizon
                             for bulk         Australia by
                           commodity         delivering bulk
                            transport        commodities to
                            solutions          the world
                                                                                 Achieve regulatory
                                                                                 reform and competitive
                                                                                 advantage through
                                                                                 asset efficiency

                                                                                 Position Aurizon for
                                                                                 growth

                                                                                                          38
FY2020 RESULTS             ADDITIONAL INFORMATION

Quarterly tonnes: June 2020

                                                                                             Quarter Ending                                  Financial Year

                                                             Jun-19             Sep-19      Dec-19    Mar-20   Jun-20   Variance1   FY2020      FY2019    Variance1

Coal volumes (mt)

  CQCN                                                         39.5                  36.6    37.7      37.0     38.8      (2%)      150.1        152.3        (1%)

  NSW & SEQ                                                    16.6                  16.2    15.8      14.8     17.0       2%        63.8        62.0         3%

Total                                                          56.1                  52.8    53.5      51.8     55.8      (1%)      213.9        214.3         -

Coal NTK (bn)

  CQCN                                                         10.0                  9.2     9.5       9.3      9.8       (2%)       37.8        38.3         (1%)

  NSW & SEQ                                                     3.2                  3.2     2.9       2.9      3.2         -        12.2        12.2          -

Total                                                          13.2                  12.4    12.4      12.2     13.0      (2%)       50.0        50.5         (1%)

Bulk volumes (mt)                                              10.7                  11.6    12.0      11.5     13.0      21%        48.1        44.6         8%

Above Rail Volumes (mt)                                        66.8                  64.4    65.5      63.3     68.8       3%       262.0        258.9        1%

1. Variance compared to the previous corresponding period (FY2019)
Note: Due to rounding, the sum of components may not equal the corresponding total
                                                                                                                                                                      39
FY2020 RESULTS         ADDITIONAL INFORMATION

Enterprise Agreements

                                                                                         Headline Increases
                                            # Staff
                                                       Term
                    EA                     Covered               Expiry Date    Year 1   Year 2      Year 3   Year 4    Status
                                                       (years)
                                           (approx.)

WA Rollingstock Maintenance                     100      4       10 May 2021    1.0%     1.5%        1.75%    1.75%    Complete

WA Rail Operations                              420      4       30 June 2022   1.5%     2.0%         2.0%    2.25%    Complete

NSW Coal                                        310      3       10 Nov 2021    2.5%     2.5%         2.5%             Complete

QLD Staff                                       920      4       30 Jan 2023    2.1%     2.1%        2.25%    2.25%    Complete

QLD Infrastructure                              550      4       27 May 2023    2.1%     2.1%        2.25%    2.25%    Complete

                                                                 11 Nov 2022    2.5%     2.3%        2.25%
QLD Coal
• Traincrew & transport operators               1280     3                                                             Complete
  Maintenance
                                                                 11 Nov 2022    2.0%     2.0%         2.0%

                                                                 24 Jan 2023    2.5%     2.3%        2.25%
QLD Bulk
• Traincrew & transport operators               370      3                                                             Complete
  Maintenance
                                                                 24 Jan 2023    1.5%     2.0%         2.0%

                                                                                                                                  40
FY2020 RESULTS      ADDITIONAL INFORMATION

Prioritisation of capital

                                                       CAPITAL ALLOCATION HIERARCHY

      1                                      2                         3                      4
              DETERMINE
                                                   NON GROWTH                                          SURPLUS
              AVAILABLE                                                        DIVIDENDS
                                                     CAPITAL                                           CAPITAL
               CAPITAL

          › Ongoing operating                    › Sustaining and          › Within 70-100%       › Capital management
            cashflows                              transformation            payout ratio           opportunities
                                                   projects
          › Impacts of the new                                                                    › Growth projects – only
            legal structure:                                                                        where it maximises
                                                                                                    shareholder value
           › Credit ratings for
             Network &
             Operations -
             BBB+/Baa1
           › ~$1.2bn additional
             funding capacity

       Capital management options influenced by low franking and share capital account balance

                                                                                                                             41
FY2020 RESULTS             ADDITIONAL INFORMATION

Financial highlights1 (underlying)

 $m                                                  FY2020      FY2019     Variance

 Revenue                                             3,064.6     2,907.6         5%

 Operating Costs                                    (1,597.0)   (1,536.0)      (4%)

 EBITDA                                              1,467.6     1,371.6         7%

 EBIT                                                  909.0       829.0       10%

 NPAT                                                  531.4       473.3       12%

 EPS (cps)                                              27.2        23.8       14%

 Final dividend per share                               13.7        12.4       10%

 ROIC (%)                                             10.9%        9.7%       1.2ppt

 Gearing (net debt / net debt + equity) (%)           45.1%       41.7%     (3.4ppt)

1. Continuing operations
                                                                                       42
FY2020 RESULTS             ADDITIONAL INFORMATION

Underlying group EBIT bridge1 ($m)

                                                                          37
                                                                 69               909

                                                        53
                829
                                                    5

            FY2019                             Coal     Bulk   Network   Other   FY2020

1. Continuing operations
                                                                                          43
FY2020 RESULTS             ADDITIONAL INFORMATION

Underlying EBIT1 by business unit ($m)

                                                    FY2020    FY2019    Variance

 Coal                                                410.6     415.1       (1%)

 Bulk                                                 89.9      37.3      141%

 Network                                             468.8     400.3       17%

 Other                                               (60.3)    (23.7)    (154%)

 EBIT                                                909.0     829.0       10%

1. Continuing operations
                                                                                   44
FY2020 RESULTS            ADDITIONAL INFORMATION

Group operating highlights1

                                                   FY2020   FY2019   Variance

 Labour Costs2 / Revenue                            26.4%    26.0%   (0.4ppt)

 EBITDA Margin – Underlying                         47.9%    47.2%     0.7ppt

 Operating Ratio – Underlying                       70.3%    71.5%     1.2ppt

 Above Rail Tonnes (m)                              262.0    258.9        1%

 People (FTE)                                       4,883    4,728      (3%)

1. Continuing operations
2. Excludes redundancy costs
                                                                                45
FY2020 RESULTS   ADDITIONAL INFORMATION

Balance sheet summary ($m)

                                              30 June 2020    30 June 2019
 Assets classified as held for sale                   65.1          108.4
 Other current assets                                650.2          631.2
 Total current assets                                715.3          739.6
 Property, plant and equipment (PP&E)              8,537.1         8,536.3
 Other non-current assets                            519.6          425.2
 Total non-current assets                          9,056.7         8,961.5
 Total Assets                                      9,772.0         9,701.1
 Liabilities classified as held for sale              (0.7)          (3.8)
 Other current liabilities                         (814.1)         (795.7)
 Total borrowings                                 (3,607.2)      (3,369.8)
 Other non-current liabilities                     (992.3)         (854.4)
 Total Liabilities                                 5,414.3         5,023.7
 Net Assets                                        4,357.7         4,677.4
 Gearing (net debt / net debt + equity) (%)         45.1%           41.7%

                                                                             46
FY2020 RESULTS   ADDITIONAL INFORMATION

Reconciliation of borrowings

                                                     $m Commentary

 Total debt including working capital facility   3,363.4 Borrowings on a cash basis

 Reconciliation to Financial Statements

 Add/(less):

    Capitalised transaction costs                 (10.2)

                                                           Discounts on medium term notes capitalised to the balance sheet
    Discounts on bonds                             (7.1)
                                                           and unwound to the income statement in accordance with AASB 9

                                                           Accumulated fair value hedge mark-to-market adjustment on bonds
    Accumulated fair value adjustments            261.1
                                                           in accordance with AASB 9

    Total adjustments                             243.8

 Total borrowings per financial report           3,607.2 Current and non-current borrowings

                                                                                                                             47
FY2020 RESULTS   ADDITIONAL INFORMATION

Significant adjustments ($m)

                                                                          FY2020   FY2019   Variance

 Continuing operations – Net gain on sale of Rail Grinding (before tax)   105.4      -         -

                                                                                                       48
FY2020 RESULTS   ADDITIONAL INFORMATION

Redundancy cost information

                            Redundancy costs          Redundancy costs         › Redundancy costs since IPO have been included in
  Year                    included in underlying   classified as Significant     underlying EBIT as well as classified as a significant
                                EBIT ($m)                 items ($m)             item

 FY2015                              36                        -               › Aurizon classifies redundancy costs as significant in
                                                                                 the notes to the financial statements, 4E, 4D and
                                                                                 investor presentations when the amounts are
 FY2016                              24                        -
                                                                                 considered material

 FY2017                               5                      116               › Redundancy costs are presented for total Group
                                                                                 (Continuing and Discontinued operations)
 FY2018                              17                      (10)

 FY2019                              21                       (1)

 FY2020                              16                        -

                                                                                                                                          49
FY2020 RESULTS             ADDITIONAL INFORMATION

Dividend history

                                                               Payment Date        Amount per share (cents)   Franking   Payout Ratio
 FY2020 Final                                                  21 September 2020            13.7               70%         100%1
 FY2020 Interim                                                23 March 2020                13.7               70%         100%1
 FY2020 Total Dividend                                                                      27.4
 FY2019 Final                                                  23 September 2019            12.4               70%         100%1
 FY2019 Interim                                                25 March 2019                11.4               70%         100%1
 FY2019 Total Dividend                                                                      23.8
 FY2018 Final                                                  24 September 2018            13.1               60%         100%1
 FY2018 Interim                                                26 March 2018                14.0               50%         100%1
 FY2018 Total Dividend                                                                      27.1
 FY2017 Final                                                  25 September 2017             8.9               50%          100%
 FY2017 Interim                                                27 March 2017                13.6               70%          100%
 FY2017 Total dividend                                                                      22.5
 FY2016 Final                                                  26 September 2016            13.3               70%          100%
 FY2016 Interim                                                29 March 2016                11.3               70%          100%
 FY2016 Total dividend                                                                      24.6
 FY2015 Final                                                  28 September 2015            13.9               30%          100%
 FY2015 Interim                                                23 March 2015                10.1                0%          70%
 FY2015 Total dividend                                                                      24.0
 The relevant final dividend dates are:
  › Ex-dividend date 24 August 2020
  › Record date 25 August 2020

1. Payout ratio on underlying NPAT for continuing operations
                                                                                                                                        50
FY2020 RESULTS   ADDITIONAL INFORMATION

Adoption of new accounting standards
The Group adopted AASB 16 from 1 July 2019

                                                                                 IMPACT ON BALANCE SHEET
                                                                           ASSETS                            $m
      › The adoption of AASB 16 results in almost all previously           Current Assets
        recognised operating leases being recognised on the balance        Other assets                      4.9
        sheet. Under the new standard an asset (right to use the leased
        item) and a finance liability to pay rentals are recognised        Non Current assets
                                                                           Property, plant & equipment      53.3
      › The Group has elected to apply the Modified Retrospective          Other assets                     41.1
        Approach when transitioning to the new standard and was not
                                                                           Total Assets                     99.3
        required to restate comparative information.
                                                                           LIABILITIES
      › With the introduction of the new lease accounting standard         Current liabilities
        Aurizon has reviewed the current ROIC calculation and simplified
                                                                           Provisions                        0.1
        the definition of invested capital which has been applied from
        FY2020                                                             Other liabilities                (9.8)
                                                                           Non Current liabilities
      › As a result of adopting the standard, continuing EBIT has
        improved $1.4m in FY2020.                                          Provisions                        2.3
                                                                           Other liabilities               (90.3)
                                                                           Total Liabilities               (97.7)
                                                                           Net Assets                        1.6
                                                                           EQUITY
                                                                           Retained earnings                 1.6

                                                                                                                    51
Additional information: Coal
FY2020 RESULTS              ADDITIONAL INFORMATION

Coal snapshot
As at 30 June 2020

                                           214                                        332           234km
                                    million tonnes1                                                  average haul
                                            70% CQCN                                 active locos
                                          30% NSW/SEQ                                                   length

                                               74                                   8,721           23.5km/hr
                                average services
                                                                                    active wagons      velocity
                                    per day

1. Estimated coal type split FY2020: metallurgical coal (42%), thermal coal (58%)
                                                                                                                    53
FY2020 RESULTS   ADDITIONAL INFORMATION

Coal operations - CQCN

                                                                           54
                                          Includes all mines in the CQCN
FY2020 RESULTS   ADDITIONAL INFORMATION

Coal operations – NSW & South East Queensland (SEQ)

                                                                                        55
                                                      Includes all mines in NSW & SEQ
FY2020 RESULTS              ADDITIONAL INFORMATION

Coal: Operating metrics1

                                                                                                                          FY2020   FY2019   Variance

 Total tonnes hauled (m)                                                                                                   213.9    214.3           -

 Contract utilisation                                                                                                       86%      90%      (4ppt)

 Total NTK (bn)                                                                                                             50.0     50.5       (1%)

 Average haul length (km)                                                                                                    234      236       (1%)

 Total revenue / NTK ($/’000 NTK)                                                                                           35.5     34.2        4%

 Above Rail Revenue / NTK ($/’000 NTK)                                                                                      25.2     24.5        3%

 Operating Ratio (%)                                                                                                       76.9%    75.9%    (1.0ppt)

 Opex / NTK ($/’000 NTK)                                                                                                    27.3     25.9       (5%)

 Opex / NTK (excluding access costs) ($/’000 NTK)                                                                           17.1     16.6       (3%)

 Locomotive productivity (‘000 NTK / Active locomotive day)1                                                               405.5    416.0       (3%)

 Active locomotives (as at 30 June)1                                                                                         332      337       (1%)

 Wagon productivity (‘000 NTK / Active wagon day)1                                                                          15.7     16.0       (2%)

 Active wagons (as at 30 June)1                                                                                            8,721    8,732           -

 Payload (tonnes)1                                                                                                         7,676    7,501        2%

 Velocity (km/hr)1                                                                                                          23.5     22.9        3%

 Fuel Consumption (l/d GTK)1                                                                                                2.86     2.82       (1%)

1. Operational metrics have been restated in prior periods to reflect new reporting which utilises updated data sources
                                                                                                                                                        56
FY2020 RESULTS   ADDITIONAL INFORMATION

Coal haulage tonnes (mt) by system

                                          FY2020   FY2019   Variance

CQCN

  Newlands                                 20.8     18.8     11%

  Goonyella                                59.9     61.0     (2%)

  Blackwater                               55.6     58.9     (6%)

  Moura                                    13.8     13.6      1%

Total CQCN                                150.1    152.3     (1%)

NSW & SEQ

    West Moreton                           5.5      7.4      (26%)

    Hunter Valley                          58.3     54.6      7%

Total NSW & SEQ                            63.8     62.0      3%

Total Coal                                213.9    214.3     (0%)
                                                                       57
FY2020 RESULTS                        ADDITIONAL INFORMATION

Coal contract portfolio

                             AURIZON COAL CONTRACT VOLUME EXPIRY BY YEAR1                                                                               COAL CONTRACT PORTFOLIO EXPIRY1
                             AS AT 30 JUNE 2020                                                                                                         AS AT 30 JUNE 2020

                                                                                                                                                                                            13%
                             60
                                                                                                                                                                                                                              0-3 years
                                                                                                                                                                                                                              3-7 years
                                                                                                                                                                         58%                        29%                       7+ years
                             45
  Million tonnes per annum

                             30
                                                                                                                                                           FORECAST COAL CONTRACTED VOLUMES2
                                                                                                                                                           (MTPA)
                                                                                                                                                                               238                          248                    246
                             15                                                                                                                                                 63                           71                    71

                                                                                                                                                                               175                          177                    176
                              0
                                  FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31

                                                Contracted volume expiry                                                                                                   FY2019                        FY2020                FY2021F
                                                Peabody extension / new volume
                                                                                                                                                                                             NSW & SEQ                      CQCN
                                                Coronado extension / new volume

1. Announced contract tonnages may not necessarily align with current contract tonnages. Incorporates contract extension options where applicable. Includes immaterial variations to volume/term not announced to market.
2. This represents the contracted tonnes as at 30 June 2020 and includes nominations, options and other uncertain events that have the potential to cause variance in AZJ contracted tonnes.
                                                                                                                                                                                                                                          58
Additional Information: Bulk
FY2020 RESULTS             ADDITIONAL INFORMATION

Bulk snapshot
As at 30 June 2020

                                     481                                                                        174
                              million tonnes                                                                 active locos

                                   >15                                                                    3,176
                           products hauled                                                                active wagons

1. Top three Bulk commodities represent 73% of total volumes hauled in FY2020. Iron ore (27%), alumina (25%), Bauxite (21%).
                                                                                                                               60
FY2020 RESULTS   ADDITIONAL INFORMATION

Bulk operations – Queensland

                                          61
FY2020 RESULTS   ADDITIONAL INFORMATION

Bulk operations – New South Wales, Victoria and South Australia

                                                                  62
FY2020 RESULTS   ADDITIONAL INFORMATION

Bulk operations – Western Australia

                                          63
FY2020 RESULTS              ADDITIONAL INFORMATION

Bulk – Australia Capital & Exploration Expenditure

CAPITAL EXPENDITURE: METAL ORE MINING1                                                                                   EXPLORATION EXPENDITURE: IRON ORE
                                                                                                +36%
A$4.0b                                                                                                                    A$150m

                                                                                                                                                                                +12%
                                                                                                                          A$100m

A$2.0b

                                                                                                                          A$50m

A$0.0b                                                                                                                     A$0m
                  Jun-        Dec-         Jun-       Dec-         Jun-        Dec-        Jun-        Dec-                        Jun-   Dec-   Jun-   Dec-   Jun-   Dec-   Jun-   Dec-
                   16          16           17         17           18          18          19          19                          16     16     17     17     18     18     19     19

EXPLORATION EXPENDITURE: NICKEL & COBALT                                                                                 EXPLORATION EXPENDITURE: COPPER
A$100m                                                                                                                    A$150m
                                                                                                                                                                                +49%

                                                                                                -22%
                                                                                                                          A$100m

 A$50m

                                                                                                                          A$50m

  A$0m                                                                                                                     A$0m
                  Jun-        Dec-         Jun-       Dec-         Jun-        Dec-        Jun-        Dec-                        Jun-   Dec-   Jun-   Dec-   Jun-   Dec-   Jun-   Dec-
                   16          16           17         17           18          18          19          19                          16     16     17     17     18     18     19     19
1. Metal Ore Mining includes: Iron ore, Bauxite, Copper, Gold, Mineral Sand, Nickel, Silver, Lead, and Zinc ore mining
Source: Australian Bureau of Statistics
                                                                                                                                                                                           64
FY2020 RESULTS             ADDITIONAL INFORMATION

Bulk commodities: Supply growth

     Global & Australia supply growth (CAGR 2019-2025)
     Selected commodities

 12%

 10%

  8%

  6%

  4%

  2%

                                                                                                                                                                                                                    n/a                        n/a
  0%

 -2%

 -4%
                  Nickel                     Lithium                      Zinc                     Copper                     Iron ore                   Alumina                     Bauxite                     Potash                  Phosphate

                                                                                                                          Global           Australia

Notes/Sources: Lithium, Nickel, Bauxite, Iron ore, Alumina, Zinc: Office of the Chief Economist (Resources & Energy Quarterly March 2020), Potash and phosphate (Phosphate is represented by Phosphoric Acid): Food & Agriculture Organization of the United
Nations – World fertilizer trends and outlook to 2022 (growth represents world supply between 2016-2022). No global growth figures stated for iron ore, alumina or bauxite.
                                                                                                                                                                                                                                                               65
Additional information: Network
FY2020 RESULTS              ADDITIONAL INFORMATION

  Network snapshot
  As at 30 June 2020

                                         227                                                                         40+         four
                                                                                                                                  above rail
                                  million tonnes1                                                             mines serviced
                                                                                                                                  operators

                                  $5.5b                                                                              five       2,670km
                               Regulated Asset
                                                                                                             export terminals    railway track
                                   Base2

1. Estimated split (all rail operators) metallurgical coal (69%), thermal coal (31%)
                                                                                                                                                 67
2. Estimate at 1 July 2020 - Roll forward value based on UT5 Undertaking (excludes $0.4bn in assets operating under an AFD)
FY2020 RESULTS   ADDITIONAL INFORMATION

Central Queensland Coal Network (CQCN)
CQCN comprises four major coal systems and one connecting system link (GAPE) servicing
Queensland’s Bowen Basin coal region

                                                                                         68
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